Arbitrum (ARB) Eyes $3 After 60% Price Increase in January

By BeInCrypto January 11, 2024 In Uncategorized

The Arbitrum (ARB) price has increased swiftly in 2024, reaching a new all-time high price of $2.42 today.

The increase has become entirely parabolic, and ARB has not experienced any retracement this year.

Arbitrum Reaches New All-Time High

The ARB price has increased alongside a parabolic ascending support trend line since September 2023. The trend line has been validated numerous times (green icons), most recently in December.

Afterward, ARB accelerated its rate of increase further. At the start of 2024, it broke out from the previous all-time high resistance at $1.70 and validated it as support. Since then, the ARB price has increased by 60%, culminating with a new all-time high of $2.42 today.

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ARB/USDT Daily Chart. Source: TradingView

Cryptocurrency analysts and traders on X are extremely bullish on the future ARB trend.

Javon Marks believes that the price will increase to at least $2.60.

Crypto Tony also noted the pump but did not give any targets for the increase. Coin Mamba flexed that he has more than $600,000 in unrealized profits in a leveraged ARB trade.

Jolly Green believes that ARB will lead the way in the Ethereum ecosystem pump. He tweeted:

As predicted

The entire $ETH ecosystem is ripping

$ARB and $OP will lead the way as the large caps.

ARB Price Prediction: Can ARB Reach $3?

The technical analysis of the daily time frame suggests that the ARB price trend is still bullish, though it shows signs of a potential local top.

Technical analysts utilize the Elliott Wave theory to ascertain the trend’s direction by studying recurring long-term price patterns and investor psychology.

The wave count suggests that ARB is in wave three of a five-wave upward movement. Wave three has extended and is nearly 2.61 times the length of wave one. The rapid ascent of wave three has created a parabolic upward movement.

The daily RSI shows signs of a local top since it has generated a bearish divergence (green line), supporting the possibility that a top is close.

So, the first level for a local top is at $2.65, 15% above the current price. If wave three extends further and has 3.61 times the length of wave one, ARB can increase by 45% to the next resistance at $3.28.

Despite this bullish ARB price prediction, a breakdown from the parabola will mean wave three has ended. Then, ARB can fall 26% to the closest support at $1.70.

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